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The Supreme Court on Monday sought to know Centre’s stand on allegations of arbitrary and malafide appointment of BJP Spokesperson Sambit Patra as the non-official independent director and that of Shashi Shanker as CMD of Oil & Natural Gas Corporation (ONGC). The NGO Energy Watchdog moved Supreme Court after the Delhi High Court in November last year dismissed its challenge to the two appointments while holding that the NGO did not place anything on record to support its “bald pleas”. Justices A K Sikri and Ashok Bhushan sought Centre’s response on the petition filed by Energy Watchdog, a society working for protection of consumer interest in energy sector, which has also sought an interim stay on the two appointments. Represented by advocate Prashant Bhushan, the NGO moved the Supreme Court after the Delhi High Court in November last year dismissed its challenge to the two appointments while holding that the NGO did not place anything … [Read more...] about SC Seeks Centre’s Stand On A Plea Challenging The Appointment Of Sambit Patra And Shashi Shanker In ONGC

Leading the Past Week Despite the fact that President and the Speaker apparently met yesterday, the week concluded with no apparent progress for a deal on the fiscal cliff, and each passing day only heightens the probability that the country will “go over.” The stalled debate this past week was juxtaposed against another positive jobs growth report on Friday but there seems to be a growing consensus that the uncertainty emanating out of our nation’s Capital is going to eventually harm the country’s economic confidence. Late last week, Senate Leader Harry Reid set in motion the debate to extend full deposit insurance for banks, and the issue, which galvanized banks, credit unions and money market funds, will come to a head this afternoon. In addition to dealing with current issues, we continue to learn the make-up of the key committees for next year, as both sides made announcements. Although not formally confirmed, it … [Read more...] about Financial Services Legislative and Regulatory Law Update December 10, 2012

Leading the Past WeekWorking through a rare weekend session, the Congress appeared no closer to being able to avoid a shutdown of the Federal Government. Early Sunday morning the House sent back to the Senate its version of the spending bill, including two provisions – one delaying Obamacare for one year and the other repeals the medical device tax which helps fund the law. While there are other differences in the bills – notably how long they keep the government operating, Leader Reid has made it clear that the Senate will strip out these two provisions when it meets at 2pm on Monday. With the midnight Monday deadline quickly approaching, all sides appear resigned to a shutdown occurring and have turned their attention to positioning for the fallout. While the political ramifications of a shutdown are unclear – with both sides believing that they will benefit, the practical results were announced late last week as … [Read more...] about Financial Services Legislative and Regulatory Law Update – September 30, 2013

SummaryGoing into the November 4 midterm elections, Democrats held a 55-45 (two Independents caucus with the Democrats) seat advantage in the Senate while Republicans held a 234-201 advantage in the House. With several races still to be decided, Republicans have taken control of the Senate and increased their majority in the House. As a result, Senate Republicans will now move into the chairmanship of all Senate committees and thus control the legislative agendas and priorities for those committees. House Republicans will continue to control the chairmanships of their committees, albeit in some cases with new chairmen due to retirements or term limits.The 114th Congress will convene in January, but before then the House and Senate will meet for a “lame duck” session starting on November 12 to address funding for the federal government and additional priority issues. Currently, the federal government is being funded under a Continuing Resolution (CR) that expires on December … [Read more...] about November 2014 Election Results and Analysis

2014 has been a year of change for India. The country witnessed 3 CJIs as the head of Judiciary, retirements and fresh appointments of judges, new team of law officers, change in the Central & State Governments, and a consequential undeclared war somewhere between these changes. The nation went through a transitional phase and the Constitutional courts played a very important role in balancing the direct will and the indirect will. In this piece, we have tried to concise the important yearly judgments and orders for our beloved readers. 1. Constitution benchesA total of 16 judgments were pronounced by a bench comprising of 5 judges of the Supreme Court dealing with different and interesting questions of law. In Dr. Subramanian Swamy’s case, Sec 6A of the Delhi Special police establishment Act, 1946 & Sec 26(c) of the CVC Act, 2003 were held to be ultra vires the Constitution holding that approval of the Central Government to conduct any inquiry or investigation into any … [Read more...] about “Judicial Highlights of 2014 – the year that saw it all”

The winter session of the Indian Parliament begins today. The legislative agenda includes 19 Bills currently pending in Parliament for consideration and passage. 14 new Bills are proposed to be introduced. Out of these one will also be taken up for consideration and passing.Two Bills will be withdrawn. These are The Drugs and Cosmetics (Amendment) Bill, 2013 and The Atomic Energy (Amendment) Bill, 1992.The Bills listed for consideration and passing are: The Constitution (122nd Amendment) (GST) Bill, 2014 The Bill was passed by Lok Sabha in May this year. It aims to tax both services and goods, with goods to be taxed by Centre and services to be taxed by States. GST will also subsume services tax, excise duties, stamp duties, entry tax and central sales tax.The Government had not faced any hurdles in getting the Bill passed as Congress staged a walk out and BJD and CPI (M) voted in favour of the Bill. Only AIADMK voted against the Bill with its 37 votes. The ease was dubbed as a … [Read more...] about Winter Session of the Parliament: Snapshot of the Legislative Agenda

Answering the issue whether notice under Section 138 of the Negotiable Instruments Act is mandatorily required to be sent to the directors of a Company before a complaint could be filed against such directors along with the Company in case of dishonor of a cheque issued by the drawer-Company, the Supreme Court in an important decision rendered today, has clarified that Section 138 of the Act does not admit of any necessity or scope for reading into it the requirement that the directors of the Company in question must also be issued individual notices under Section 138 of the Act.“Such directors who are in charge of affairs of the Company and responsible for the affairs of the Company would be aware of the receipt of notice by the Company under Section 138. Therefore neither on literal construction nor on the touch stone of purposive construction such requirement could or ought to be read into Section 138 of the Act,” said the Supreme Court while allowing an appeal by … [Read more...] about Breaking ; #Dishonour of cheque issued by a company: Notice to individual directors of the company not contemplated under Section 138 of the NI Act : SC [Read the Judgment]

Several principles relating to territorial jurisdiction have been discussed and applied by the Delhi High Court in its recent decision in Bharat Heavy Electricals Limited (BHEL) vs Electricity Generation Incorporation (EGI) and Others. Case Background EGI is a power generation company owned by the Turkish government, and BHEL had entered into a contract with EGI for execution of works in Turkey. AK Bank, a private bank in Turkey, issued a performance bank guarantee to EGI for BHEL. AK Bank furnished the bank guarantee on the basis of a counter bank guarantee issued to AK Bank by Bank of Baroda from its New Delhi branch office. EGI terminated the contract with BHEL on grounds of non-performance, and invoked the bank guarantee furnished by AK Bank. In turn, AK Bank sought to invoke the counter bank guarantee issued by Bank of Baroda. At that juncture, BHEL filed commercial suit before the Delhi High Court seeking injunction to restrain Bank of Baroda from paying the amount … [Read more...] about Paucity Of Time Not A Ground To Invoke Local Jurisdiction While Ignoring Clause Conferring Jurisdiction On Foreign Court: Delhi HC [Read Judgment]

The most prestigious firm Amarchand and Mangaldas finally get split. Cyril and Shardul Shroff have decided that they will go separate way after months of legal wrangling. Even the third party mediation failed to bridge the divide between the estranged brothers. The firm is splitting between two equal parts and both the brothers have got right to operation on each other’s territory in Mumbai and Delhi.Reportedly, the split shall be effective from April 2015.Bombay High Court had set up the team of mediators who decided that partition is the course of action for an amicable resolution of the dispute triggered by the will of BhartiShroff, the mother of Cyril and Shardul, who died last year. People privy to the discussion said that brothers too were keen on going their separate ways.A person with the knowledge of the spilt gave the information that ShardulShroff may partner with Bharucha & Partners on an ‘arm’s length’ relationship for the Mumbai office.Naval … [Read more...] about Cyril Shroff and Shardul Shroff to Split Amarchand and Mangaldas after months of Legal Warnling